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Here’s Why Trump Tokens MAGA, STRUMP, TRUMP Fell After Debate
Donald Trump-themed tokens fell in value on Friday, even as Joe Biden’s re-election chances diminished. MAGA (TRUMP), a token with a market cap of over $370 million, fell 1.5%. Similarly, MAGA Hat token (MAGA) fell more than 30%, while Super Trump (STRUMP) fell 18%.
The same scenario is playing out in the stock market, where Trump Media & Technology (DJT) is up just 3%, erasing most of the gains it made during the pre-market session.
This performance came after Joe Biden gave a disappointing performance in his first debate with Donald Trump. Afterward, many well-known Democrats and avid Biden supporters recommended that he step aside for a new candidate. Writing for the New York Times, Paul Krugman She said:
“Given the situation we find ourselves in, I must very reluctantly join the chorus calling for Biden to step aside voluntarily, placing the emphasis on the “voluntary” aspect.”
In another piece, Thomas Friedman he wrote:
“They – Biden and his team – have been holed up at Camp David preparing for this momentous debate for days now. If this is the best performance they could get from him, it’s time for Joe to maintain the dignity he deserves and leave the stage at the end of this term.”
MAGA vs. STRUMP vs. TRUMP
Therefore, these tokens have withdrawn because the odds have increased that Biden will drop out of the race before the Democratic Convention.
Such a move will likely see Trump compete with a younger Democratic candidate, who has a better chance of winning. Some of the proposed names include Kamala Harris, Gavin Newsom and even Michele Obama.
To a large extent, most Trump-themed tokens like MAGA, STRUMP, and TRUMP have been successful this year due to their lead over Biden. This lead will likely widen after the debate, prompting Biden to drop out of the race.
These tokens also retreated, while the cryptocurrency industry remained under pressure. Bitcoin’s recovery attempts have faded to $62,000, while its double-top pattern points to further downside, at least in the near term.